- El Salvador will continue buying 1 Bitcoin daily until it becomes unaffordable with fiat currencies
- President Bukele’s statement highlights commitment to cryptocurrency adoption
- Move demonstrates belief in Bitcoin’s long-term value and potential as a global currency alternative.
Just to explain it to people who don’t understand how it works.
The point of the mining rewards is to make the Bitcoin supply infinite, while giving the price time to rise and Bitcoin to gain adoption. Once that 21m coins is created, no more can be created, so the price should stabilize and rise over time as less and less Bitcoin is around.
I know how bitcoin works. But this cap of 21m will be around 2100 or even later if the mining power stays the same as today. So nobody reading this post will be alive around that time. And the same for El Salvador. Should all the people alive right now suffer, cause in around 100 years a theory of a new way for money could succeed? (And no, I don’t think bitcoin will ever be more than money laundering and daytraiding craziness ending in more money for the people laundering)